A young man sits in a café by the Volga River in the western Ukraine. Using his laptop, he just robbed your company in the U.S. of $11 million and your employee was his accomplice.
The latest cyber fraud, according to the FBI and countless corporate victims, is known as Business Email Compromise (BEC) fraud or "CEO fraud." And employees are being conned into enabling the thefts — which creates an exclusion under many insurance policies.
CEO fraud involves phishing attacks that cleverly mimic an email from someone in management at an employee's company or an executive demanding financial transfers. Phishing for high-profile targets has even been called "whaling."
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